Ramco-Gershenson paid Atlanta-based Watkins Associated Developers Inc. $116.49 per sf for the Publix Supermarkets-anchored property southeast of Interstate 85 at its interchange with Lawrenceville-Suwanee Road in north-central Gwinnett County.
"The sale of Horizon Village is a prime example of the strength in the retail investment market for a quality, grocery anchored center," C. Whitney Knoll, senior vice president/retail, Trammell Crow Co., Atlanta, says in a prepared statement.
Of the 22 tenants, 17 or 77% are the original merchants at the 1966-built center. The tenant roll includes Kauffman Tire, GNC, Cingular Wireless, Philly Connection and Dunkin Donuts.
"When you combine a newer, quality Publix-anchored center, developed by Watkins Associated Developers with a large group of motivated and qualified national investors, the result is a transaction that exceeds expectations," Knoll says.
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